Suez to sell recycling units to Schwarz Group's PreZero
French waste management company Suez said on Wednesday that it is in exclusive negotiations with Schwarz Group's environmental division PreZero about the sale of its waste-recycling and recovery businesses in the Netherlands, Germany, Luxembourg and Poland for an enterprise value of €1.1bn.
The deal is expected to complete in the first quarter of next year.
Suez chief executive officer Bertrand Camus said: "This project marks a major step in the achievement of our SUEZ 2030 strategic plan, presented last October, which plans to concentrate our forces in France and in Europe, on the activities and geographies where we can deploy our most promising innovations to become the leader in environmental services.
"This transaction is part of our asset rotation program and values the quality of our business portfolio."
Suez also said it has entered into a memorandum of understanding with Schwarz Group "to explore possibilities to develop strategic partnerships promoting innovative waste management solutions to accelerate the development of the circular economy in Europe".